Danone: Stifel still a buyer, but trims target price
(CercleFinance.com) - Stifel reinstates its "buy" rating on Danone shares, while reducing its target price for them from 65 euros to 60 euros, after the group trimmed its estimates for Q4, on lower volume assumptions for EDP and water in particular.
"We expect volumes in EDP to remain in the negative territory for 2023 as well, but think this belief is broadly shared by the market," the broker said.
However, noting that management "is expected to adjust structures where needed", Stifel recalls the long-term opportunities it sees for the stock, as well as an attractive dividend yield of 3.9%.
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